Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

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History

Part 3-3 inserted by No 46 of 1998.

Division 149 - When an asset stops being a pre-CGT asset  

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History

Div 149 inserted by No 46 of 1998.

Subdivision 149-A - Key concepts  

SECTION 149-10  

149-10   What is a pre-CGT asset?  
A *CGT asset that an entity owns is a pre-CGT asset if, and only if:

(a) the entity last acquired the asset before 20 September 1985; and

(b) the entity was not, immediately before the start of the 1998-99 income year, taken under:

(i) former subsection 160ZZS(1) of the Income Tax Assessment Act 1936 ; or

(ii) Subdivision C of Division 20 of former Part IIIA of that Act;

to have acquired the asset on or after 20 September 1985; and

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(c) the asset has not stopped being a pre-CGT asset of the entity because of this Division.

Note:

There are transitional rules for assets that stopped being pre-CGT assets under the Income Tax Assessment Act 1936 : see section 149-5 of the Income Tax (Transitional Provisions) Act 1997 .

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History

S 149-10 amended by No 101 of 2006 , s 3 and Sch 2 items 701 and 702, by amending references to repealed inoperative provisions in para (b), effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 149-10 inserted by No 46 of 1998.

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